Aga shareholders back American takeover deal

Illinois-based Middleby launched a £129 million bid to acquire the manufacturer earlier this year.

A meeting of Aga's shareholders has now agreed to the takeover, with 86.4 per cent of shareholders lending their backing to the deal at a specially-organised general meeting.

But the move has still to be legally ratified, and the Takeover Panel – which guards the interests of shareholders in such deal – has given its rival, Whirlpool, until Monday to submit its own offer.

The hearing to legally confirm the Middleby offer is due to take place on Tuesday.

In a formal statement about the general meeting, Aga said: "The scheme was approved by the scheme shareholders at the court meeting and the special resolution to authorise the directors of the company to take all such action as they may consider necessary or appropriate for carrying the scheme into full effect, and to amend the articles of association, was passed at the Aga general meeting."

Workers at Aga's two Telford plants are waiting to hear the outcome of the deal, and it now looks almost certain that Aga Rangemaster will pass into American ownership one way or another.

The company employs around 300 people at its assembly plant in Ketley, where it also designs new models of the historic oven, as well as around 120 at its foundry in Coalbrookdale, in which the company invested heavily last year.

Middleby's rival in the deal is Whirlpool, whose 11th-hour bid to hijack the Middleby offer was revealed last week.

The 20 billion dollar a year business, which has 100,000 employees around the world, has not yet lodged a formal bid but is known to be mulling a move for the Leamington Spa-headquartered manufacturer.

The timetable for the deal to move forward is now set to continue as planned.

Aga's share price was continuing to hover at around 205p during the day on Wednesday, whereas Middleby's offer for the company is worth 185p.